The Making Of Modern Britain #17: 5 Giants - Idleness Flashcards
Why were many people in extreme poverty?
Britain faced economic problems in 1920s and 1930s
What did the Labour government believe?
Certain industries should be owned by Britain, not private companies or individual people
What was nationalisation?
The government or ‘nation’ taking control of these industries known as nationalisation
Nationalisations included:
- Bank of England, 1946
- electricity, 1947
- national coal board, 1947
- railways, 1948
What was Bank of England nationalised?
1946
When was electricity nationalised?
1947
When was the National coal board nationalised?
1947
When was railways nationalised?
1948
How did owners and shareholders benefit from nationalised?
They were paid for their losses
Successes of nationalisation
- use tax money to keep unprofitable businesses going which helped to stop unemployment
- apprentice numbers could be high too, letting young people learn skills
Failures of nationalisation
- very expensive and took away money from other plans
- did not create new jobs, only helped people that already had a job
- eg paid holidays given to coal workers
What other steps did Labour take to create jobs/ improve working conditions?
Schools, hospitals, and housing plans
What did the 1947 Dock labour scheme do?
Gave people some more permenanet jobs
When was dock Labour act?
1947
What was the unemployment rate under Labour?
3%
Why did many think unemployment was low under Labour?
Because private companies created jobs
Impact of Labour plans make hiring workers cost more?
It meant fewer jobs
When was Iron and Steel Act
1949
Successes of Iron and Steel Act 1949
- Nationalised 94 companies transferring control of Iron and Steel Corporation of Great Britain
- ensuring job security for over 250,000
What was the Marshall plan?
- aid to Britain $2.7billion
- aimed to stop communism, by boosting economy
What was the “Full Employment” Goal reached?
Unemployment rates under 2.5%
When was Marshall plan?
1948 - 1951
